RealGM Wiretap

The Chicago Bulls signed free agent Greg Smith to a contract for the remainder of the season and fully guaranteed for next season, a league source told RealGM.

For the Bulls, the signing represents a wise and proactive investment in Smith, a 6-foot-10 center capable of serving as a contributing reserve on a championship caliber team. Despite his season-ending knee injury, Smith was expected to be a valued player in free agency, and only became available when the Houston Rockets released him and he cleared waivers.

Smith, 23, has averaged 5.3 points and 4.1 rebounds in 89 career games over three NBA seasons.

To create room on the roster, the Bulls released Tornike Shengelia.

Shengelia (6-9, 220), was acquired from Brooklyn in exchange for guard Marquis Teague on January 21. He appeared in nine games for the Bulls and averaged 0.4 ppg and 0.2 rpg in 1.9 mpg. In his NBA career, Shengelia has appeared in 45 games and averaged 1.3 ppg, 0.9 rpg and 0.4 apg in 5.5 mpg, while shooting .451 from the field.